Shoe box concept means very small units of residential properties. According to Datuk Othman Omar the head of Oxley Holdings (Malaysia), the Singapore listed Oxley Holdings Ltd has been very successful in Singapore with the shoe box concept and they plan to bring this into Malaysia. They expect to launch three to four projects within this year and next year. In total, it has eight projects worth about RM10 billion to be launched over the next four to five years. All its developments will be prudently planned to ensure they are integrated, the right product mix, brand and security features.
This is another example of foreign developers who found lesser opportunities at home coming into Malaysia with their expertise and trying to carve a name and make a profit. This is one reason why the local developers are also spurred to be even better in their offerings. Of course there’s still those who said, ‘never mind, people sure buy once I start building’. As long as these developers already bought their land much earlier, I think they can do it but if they are to bid for any new piece of land today versus the much more established foreign developers, think about the final result.
Oh yeah, shoe box concept, would I buy? I am shaking my head now but on second thought, if it is really attractively priced, then yes. What’s attractive? Well, below RM250,000 is considered attractive to me, even if it is RM500 psf. Yes, I have no issues to buy a 450 sf unit. Anything lesser would be tough but 450 sf for RM250,000 I would consider attractive enough. However, I seriously do not think any developers would be launching such units unless it’s at a less conducive location but if it is a less conducive location, then I have no interest. Haha. That’s the reason why I am not a supporter of SOHO or SOVO or SOFO which are priced at RM750 psf or higher.
Let’s go view their offering once it’s announced by Oxley ok?
written on 26 June 2014
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